Adviser at odds with Royal London over guaranteed annuity rate request

Unnecessary delays

Sophie King
clock • 5 min read

Royal London has received criticism from an adviser after responding to a request for a guaranteed annuity rate that culminated in several delays of multiple weeks, and it has been dubbed an “utter waste” of time and money.

Chartered financial planner Darren Cooke's client was under an old Cooperative Insurance Society (CIS) plan, which rebranded to Royal London in 2013, and includes a guaranteed annuity rate (GAR). For his client, Cooke said, the GAR was perfect. The client is single, has no kids and is in reasonable health for a 65-year-old. Red Circle Financial Planning's Cooke put in a request to accept the GAR. However, Cooke said this was where the problems began. The first issue raised was the maturity pack, which was sent out twice, and did not show the correct income due based on the GAR. Royal Lon...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA Working Lunches: Register now to hear from Schroders

PA Working Lunches: Register now to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 24 March 2023 • 1 min read
Goater: "Never underestimate the importance of good record keeping."

A day in the life of an adviser: Guernsey-based Rebecca Goater

PA hears how advisers all across the nation structure their workdays

Hope William-Smith
clock 24 March 2023 • 4 min read
Quilter adviser school revamps qualifications as head exits

Quilter adviser school revamps qualifications as head exits

Julian Hince to ‘pursue career outside Quilter Financial Adviser School’

Jenna Brown
clock 23 March 2023 • 2 min read